Darktrace raises $75 million in Series D financing round

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Darktrace has announced it has raises $75 million (£58.2m) in a series D financing round, adding that its total contract value has hit $200m.

The machine learning cyber security provider had its funding round conducted by Insight Venture Partners, with the company’s existing investors, Summit Partners, KKR and TenEleven Ventures, also part of the seed funding.

Known as the frontrunner in disruptive AI technology for cyber-security, Darktrace can easily confront the most sophisticated cyber-attacks. The company’s Enterprise Immune System technology, which is powered by machine learning and AI algorithms, can detect and respond to cyber-threats that evade legacy security controls, containing incidents before damage is done. Over 3,000 of the Enterprise Immune System have been deployed across all the industries worldwide. These include global financial companies, telecommunications providers, media companies, retailers, healthcare providers, government agencies and critical national infrastructure facilities.

Nicole Eagan, CEO at Darktrace, said: “Insight Venture Partners has a proven record of partnering with tech-focused firms, and its backing of Darktrace is another strong validation of the fundamental and differentiated technology that the Enterprise Immune System represents. It marks another critical milestone for the company as we experience unprecedented growth in the US market and are rapidly expanding across Latin America and Asia Pacific in particular, as organisations are increasingly turning to our AI approach to enhance their resilience to cyber-attackers.”

Jeff Horing, managing director at Insight Venture Partners, added: “In just four years, Darktrace has established itself as a world leader in AI-powered security. Insight is proud to partner with Darktrace to continue to drive its strong growth and superior product market fit.”

Regular readers of this publication will be aware of Darktrace; as it was put when first reported in April, ‘by detecting odd behaviour, Darktrace believes its ‘digital antibodies’ can be effective in preventing or reducing damage from rogue parties.’

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